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El Salvador has purchased over $100 million in Bitcoin, increasing its holdings despite a commitment to the IMF to limit exposure to the asset. This move raises questions about compliance with loan terms, as the government previously claimed it had not acquired any new Bitcoin since 2024. The IMF noted that El Salvador's reported Bitcoin reserves might not reflect actual holdings due to discrepancies.
S&P Global Ratings downgraded Tether's USDT stability score to the lowest level, citing increased risks in reserve assets and insufficient buffers to handle bitcoin price drops. The agency noted that Tether's riskier assets, now at 24% of reserves, and lack of transparency regarding custodians and asset composition contributed to the downgrade.